Food Additives Market is Projected to Register CAGR of 5% till 2024

The consumer’s demand for safer and more nutritious food in form of nutritious additives such as vitamins is expected to fuel the growth of the Food Additives Industry.

The global Food Additives Market is anticipated to reach USD 56 billion by 2024. Rapid growth in the food & beverage industry in the Middle East and BRICS (Brazil, Russia, India, China, and South Africa)-as a result of growing domestic consumption and rising foreign direct investments-is projected to augment the market growth. Increasing awareness about different types of tastes is also likely to act as an important growth driving factor. In addition, manufacturers are increasing their production capacities due to rising demands for packaged foods including ready-to-eat products, frozen meals etc. which will eventually therefore augment the market growth. The global market is categorized as products and regions.

The product sector comprises flavors & enhancers (natural, artificial), enzymes, sweeteners (high intensity, HFCS), emulsifiers (mono, lecithin, di-glycerides, sorbitan esters, stearoyl lactylates), fat replacers (protein, starch), and shelf-life stabilizers. The enzymes sector is estimated to remain the fastest-growing sector, with a CAGR of over 6 % from 2016 to 2024. Flavors & enhancers dominated the application sector in 2016 accounting for 30 % of the total market revenue. The natural flavors sector is likely to grow at a healthy CAGR of over 6 % from 2016 to 2024.

Sweeteners are mainly used in formulating F&B products. Moreover, growing health concerns such as tooth decay, diabetes, etc. and rising importance of low-cal food products are anticipated to augment the demands for sugar substitutes such as High Fructose Corn Syrup (HFCS) and High-Intensity Sugars (HIS). The sector is projected to grow at a CAGR of over 5 % during the estimated years.

The Europe food additives market held over 30 % of the overall share in 2016 due to growing significance of functional ingredients to integrate properties such as flavor, shelf life-extension, and emulsification. The Asia-Pacific region accounted for 27 % in 2015 and is anticipated to experience considerable gains over the next few years. The Indian market is likely to grow at a decent CAGR of over 5 % during the forecast period. The Middle East is said to be the high-potential market on account of rising domestic consumption along with the favorable support to attract fresh investments.

The major companies in the food additives market include BASF SE; E. I. du Pont de Nemours and Company; Eastman Chemical Company; and Cargill Inc.

Improved standard of living coupled with rising disposable income of middle-class population in emerging countries of Asia Pacific such as India and China is anticipated to drive growth of organic personal care product market.

Rising demand for high durability and light weight materials in automobile & aerospace industries to enhance fuel efficiency is also expected to have a positive outlook on the plastics market over the next few years.

Water & Wastewater Treatment Industry is anticipated to register robust growth over the next few years owing to factors such as water scarcity due to the rise in population and swiftly increasing industrial activities.

The rising demand for over-the-counter bleaching products coupled with increasing focus on appearance and role of white teeth in personality building are some of the factors that are expected to upsurge the growth during the forecast period.